STOCK TITAN

Deep Well Services, CNX Resources Partner to Launch AutoSep Technologies, a Transformational Oilfield Service Solutions Company

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
partnership
Deep Well Services and CNX Resources have partnered to launch AutoSep Technologies, a new oilfield service company that aims to revolutionize conventional flowback operations. The collaboration combines CNX's proprietary technology with Deep Well's expertise to provide automated solutions that reduce costs, improve safety, and minimize environmental impact. The joint venture introduces an automated flowback system for high-rate shale wells, offering significant market potential domestically and internationally. AutoSep's innovative approach eliminates methane emissions and streamlines operations, marking a significant advancement in the industry.
Deep Well Services e CNX Resources hanno formato una partnership per lanciare AutoSep Technologies, una nuova compagnia di servizi petroliferi che mira a rivoluzionare le operazioni di flowback convenzionali. La collaborazione unisce la tecnologia proprietaria di CNX all'esperienza di Deep Well per fornire soluzioni automatizzate che riducono i costi, migliorano la sicurezza e minimizzano l'impatto ambientale. La joint venture introduce un sistema di flowback automatizzato per pozzi di scisto ad alto rendimento, offrendo un significativo potenziale di mercato sia a livello nazionale che internazionale. L'approccio innovativo di AutoSep elimina le emissioni di metano e ottimizza le operazioni, segnando un notevole progresso nel settore.
Deep Well Services y CNX Resources se han asociado para lanzar AutoSep Technologies, una nueva empresa de servicios petroleros que tiene como objetivo revolucionar las operaciones de flowback convencionales. La colaboración combina la tecnología propietaria de CNX con la experiencia de Deep Well para proporcionar soluciones automatizadas que reducen costos, mejoran la seguridad y minimizan el impacto ambiental. La empresa conjunta introduce un sistema de flowback automatizado para pozos de esquisto de alta producción, ofreciendo un significativo potencial de mercado tanto a nivel nacional como internacional. El enfoque innovador de AutoSep elimina las emisiones de metano y optimiza las operaciones, marcando un avance significativo en la industria.
Deep Well Services와 CNX Resources가 AutoSep Technologies를 출시하기 위해 파트너십을 맺었습니다. 이 새로운 석유 서비스 회사는 기존 플로우백 작업을 혁신할 목표를 가지고 있습니다. 이 협력은 CNX의 독점 기술과 Deep Well의 전문 지식을 결합하여 비용을 줄이고, 안전을 개선하며, 환경적 영향을 최소화하는 자동화된 솔루션을 제공합니다. 이 합작 투자는 고속도 셰일 우물을 위한 자동화된 플로우백 시스템을 도입하여 국내외에서 큰 시장 잠재력을 제공합니다. AutoSep의 혁신적인 접근 방식은 메탄 배출을 제거하고 운영을 간소화하여 업계에서 중대한 진전을 이루었습니다.
Deep Well Services et CNX Resources se sont associés pour lancer AutoSep Technologies, une nouvelle entreprise de services pétroliers visant à révolutionner les opérations de flowback conventionnelles. Cette collaboration allie la technologie propriétaire de CNX à l'expertise de Deep Well pour fournir des solutions automatisées qui réduisent les coûts, améliorent la sécurité et minimisent l'impact environnemental. La coentreprise introduit un système de flowback automatisé pour les puits de schiste à haut débit, offrant un potentiel de marché significatif tant au niveau national qu'international. L'approche innovante d'AutoSep élimine les émissions de méthane et rationalise les opérations, marquant une avancée significative dans l'industrie.
Deep Well Services und CNX Resources haben sich zusammengeschlossen, um AutoSep Technologies zu gründen, ein neues Dienstleistungsunternehmen im Ölfeldbereich, das darauf abzielt, konventionelle Flowback-Operationen zu revolutionieren. Die Zusammenarbeit vereint CNXs proprietäre Technologie mit der Expertise von Deep Well, um automatisierte Lösungen anzubieten, die Kosten reduzieren, die Sicherheit verbessern und die Umweltauswirkungen minimieren. Das Joint Venture führt ein automatisiertes Flowback-System für Hochleistungsschieferbohrungen ein, das sowohl auf nationaler als auch auf internationaler Ebene erhebliches Marktpotenzial bietet. Der innovative Ansatz von AutoSep eliminiert Methanemissionen und optimiert die Abläufe, was einen bedeutenden Fortschritt in der Branche darstellt.
Positive
  • Partnership between Deep Well Services and CNX Resources to launch AutoSep Technologies
  • Automated flowback system introduced for high-rate shale wells
  • Significant market potential with 20,000 wells in the U.S. and 60,000 globally
  • Reduction in costs, improved safety, and lower environmental impact
  • Innovative technology eliminates methane emissions and simplifies operations
Negative
  • None.
  • New entity, operated by Deep Well Services, to leverage CNX proprietary technology along with Deep Well's domain expertise to provide industry leading automation solutions
  • Collaboration creates efficiencies in the flowback process that lowers costs, improves safety, reduces environmental impact, and minimizes associated methane emissions

ZELIENOPLE, Pa. and PITTSBURGH, April 24, 2024 /PRNewswire/ -- Deep Well Services (DWS) and CNX Resources Corp. (NYSE: CNX) today announced a joint venture to launch AutoSepSM Technologies (AutoSep), a new oilfield service company providing step change improvement to conventional flowback operations. The new entity will benefit from the technological development capabilities of CNX and the service quality standard that DWS provides to the industry. As a standalone company operated by DWS, AutoSep will have the flexibility and autonomy to provide automated flowback solutions to the oil and gas industry.

As the first product offering, the partnership brings an automated flowback system for modern, high rate, and erosive unconventional shale wells. The new, highly compact system can be deployed in a fraction of the time and requires less labor, while reducing costs, improving safety, and lowering the environmental impact associated with conventional flowback operations.

The market potential for this product solution across domestic and international oil and gas basins is significant. Each year 20,000 wells are flowed back in the United States, and 60,000 wells are flowed back globally. Compared to the advancements in drilling and completion operations, flowback operations have remained largely unchanged as they continue to be costly, labor intensive, and prone to methane emissions. This joint venture aims to upend the status quo.

"Leveraging CNX's proprietary and patent pending technology, AutoSep's flowback solution simplifies and automates this early production phase significantly, reducing the footprint, hard iron connections, manpower required, and any inherent safety risks involved in performing such tasks", commented David Mulvihill, Chief Strategy Officer of Deep Well Services. Mr. Mulvihill continued, "Additional benefits include remote operation and monitoring through SCADA and closed-circuit cameras that feed to a central control center located outside of safety red zones. This also automates data collection, allowing customers to access data in real-time through DWS's industry leading BoreSite® system."

AutoSep's automated control unit allows for a fully sealed flowback that effectively eliminates methane emissions, including that of sand trap blowdowns. This is considered to be the market's first readily available solution for capturing methane vapors, including during simultaneous operations. DWS and CNX believe the technology is applicable for drill out operations as well and intend to market the technology to operators across domestic and international oil and gas basins that seek to lower capital costs while reducing emissions. 

Ravi Srivastava, President of CNX New Technologies commented, "CNX has been hard at work developing proprietary, game-changing technologies and processes to advance the state-of-the-art across the industry. With this collaboration, DWS and CNX are unlocking step change improvements in completions operations that check all the boxes – lower emissions, lower costs, and a safer process. Successful tests have been conducted on several recent CNX flowback operations, and we see enormous market potential for this solution and are excited to begin promoting the benefits of this new, innovative oilfield service across the U.S. and beyond."

Officially launched in 2021, CNX New Technologies business unit develops proprietary technology for vertical and horizontal business growth that is rooted in the company's extensive legacy asset base, intellectual assets, and innovative tradition. The group is focused on waste methane capture and abatement, as well as forging strategic partnerships for the use of low carbon intensity feedstocks and the creation of derivative products in transportation fuels, manufacturing processes, and other markets.

Cautionary Statements
We are including the following cautionary statement in this press release to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of us. With the exception of historical matters, the matters discussed in this press release are forward-looking statements (as defined in 21E of the Securities Exchange Act of 1934 (the "Exchange Act")) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income, and capital spending. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," "will," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe a strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond our control. Specific factors that could cause future actual results to differ materially from the forward-looking statements are described in detail under the captions "Forward-Looking Statements" and "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (SEC) and any subsequent reports filed with the SEC. Those risk factors discuss, among other matters, pricing volatility or pricing decline for natural gas and NGLs; local, regional and national economic conditions and the impact they may have on our customers; the impact of events beyond our control, including a global or domestic health crisis; dependence on gathering, processing and transportation facilities and other midstream facilities owned by others; conditions in the oil and gas industry; our current long-term debt obligations, and the terms of the agreements that govern that debt; strategic determinations, including the allocation of capital and other resources to strategic opportunities; cyber-incidents targeting our systems, oil and natural gas industry systems and infrastructure, or the systems of our third-party service providers; and changes in safety, health, environmental and other regulations.

ABOUT CNX RESOURCES
CNX Resources Corporation (NYSE: CNX) is unique. We are a premier, ultra-low carbon intensive natural gas development, production, midstream, and technology company centered in Appalachia, one of the most energy abundant regions in the world. With the benefit of a 160-year regional legacy, substantial asset base, leading core operational competencies, technology development and innovation, and astute capital allocation methodologies, we responsibly develop our resources and deploy free cash flow to create long-term per share value for our shareholders, employees, and the communities where we operate. As of December 31, 2023, CNX had 8.74 trillion cubic feet equivalent of proved natural gas reserves. The company is a member of the Standard & Poor's Midcap 400 Index. Additional information is available at www.cnx.com.

ABOUT DEEP WELL SERVICES
Deep Well Services (DWS) is an API/Q2 registered technology and training company that specializes in high-pressure, long lateral, and multi-well completion and intervention operations. Established in 2008, the DWS family has grown from our small-town Appalachian roots to becoming the premier OFS company for over 70 different E&Ps across North & South America. Driven by patented data analytics systems and IADC globally accredited training programs, DWS is focused on the continued development and innovation of the most advanced Hydraulic Completion Service on the market today – HCU Technology. Additional information is available at www.deepwellservices.com.

CNX Resources Corporation logo (PRNewsfoto/CNX Resources Corporation,CNX...)

 

Deep Well Services, CNX Resources Partner to Launch AutoSep Technologies, a Transformational Oilfield Service Solutions Company

 

Deep Well Services, CNX Resources Partner to Launch AutoSep Technologies, a Transformational Oilfield Service Solutions Company

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/deep-well-services-cnx-resources-partner-to-launch-autosep-technologies-a-transformational-oilfield-service-solutions-company-302125194.html

SOURCE CNX Resources Corporation

FAQ

What is the name of the new oilfield service company launched by Deep Well Services and CNX Resources?

The new oilfield service company launched by Deep Well Services and CNX Resources is called AutoSep Technologies.

What is the ticker symbol of CNX Resources Corp.?

The ticker symbol of CNX Resources Corp. is CNX.

What is the primary focus of AutoSep Technologies?

The primary focus of AutoSep Technologies is to revolutionize conventional flowback operations by providing automated solutions that reduce costs, improve safety, and minimize environmental impact.

How does AutoSep's technology help in reducing methane emissions?

AutoSep's technology allows for a fully sealed flowback that effectively eliminates methane emissions, including during sand trap blowdowns. It is the market's first solution for capturing methane vapors.

What benefits does the collaboration between Deep Well Services and CNX Resources bring?

The collaboration between Deep Well Services and CNX Resources brings together CNX's proprietary technology and Deep Well's industry expertise to introduce innovative automated solutions for flowback operations, leading to cost reduction, improved safety, and lower environmental impact.

CNX Resources Corporation

NYSE:CNX

CNX Rankings

CNX Latest News

CNX Stock Data

5.65B
142.77M
4.35%
109.97%
19.13%
Oil & Gas E&P
Crude Petroleum & Natural Gas
Link
United States of America
CANONSBURG